The business-to-business (B2B) manufacturing services marketplace Zetwerk Manufacturing Business Pvt Ltd has raised approximately $210 million as part of its Series F funding round led by US-based Greenoaks Capital.
According to the regulatory filing, Greenoaks Capital alone invested 543.8 crore ($72.5 million) in the funding round. The funding round was attended by ICONIQ Strategic Partners, D1 Capital Partners, Steadview Capital Mauritius, Avenir Zetwerk Investors, and Lightspeed Venture Partners, among others.
The fundraise values Zetwerk at $2.68 billion, according to VCCircle estimates. Lightspeed Venture Partners’ stake in Zetwerk has increased to 6.10 percent as a result of the latest fundraise.
Zetwerk issued 41,816 Series F Compulsorily Convertible Preference Shares (CCPS) at an issue price of $3,75,128, for a total consideration of slightly more than Rs 1,568 crore ($209.51 million). According to the regulatory filing, the funds will be used to meet Zetwerk’s fund requirements. According to the regulatory filing, the funds will also be used for growth and general corporate purposes, including capital expenditure.
Zetwerk raised $150 million as part of its Series E funding round in August, valuing the company at $1.33 billion. D1 Capital led the investment, which has previously backed Indian technology startups such as Dream11 and Zomato. Earlier this year, Greenoaks Capital and Lightspeed Venture Partners led a $120 million Series D funding round for the company.
Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary founded the Bengaluru-based company in 2018. The company connects mid-to-large original equipment manufacturers from India and Southeast Asia with businesses in need of customised products and machine parts.
